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TORONTO - Mogotes Metals Inc. (TSXV:MOG) announced Wednesday it has received final approval from the TSX Venture Exchange for its non-brokered private placement that raised $22.24 million through the issuance of 111.2 million units. The financing represents a significant capital injection for the company, which currently maintains a market capitalization of $78.77 million, according to InvestingPro data.
Following the approval, $3.74 million in subscription proceeds were released from escrow to the company, representing 18.69 million units that were issued to an entity associated with the Braun family.
As part of the offering, Aster Blue Ltd. acquired 45 million units for $9 million. Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at $0.40 until July 4, 2027.
Prior to this transaction, Aster Blue held no shares in Mogotes. Following the completion of the offering, Aster Blue now holds approximately 11.99% of Mogotes’ outstanding common shares. If Aster Blue exercises all its warrants, it could own approximately 16.97% of the company’s shares on a partially diluted basis.
Mogotes Metals is a mineral exploration company focused on copper and gold exploration in the Vicuña district of Argentina and Chile. The company’s flagship project, Filo Sur, is located adjacent to the Filo del Sol copper-gold-silver discovery.
The information in this article is based on a company press release statement.
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